|Heslin Holdings Wraps Up a Busy First Quarter 2016|
|Heslin Holdings Inc completed a number of transactions during the first quarter of 2016. These deals included: the acquisition of a retail center in Tigard, OR; the acquisition of a multi-tenant industrial property in Fontana, CA; the redevelopment of a retail shopping center in Albuquerque, NM; the acquisition of a 434-unit apartment complex in Denver, CO; and the lease-up of West Central Plaza in Albuquerque, NM.
The recent first quarter 2016 activity underscores the continued focus on the firm’s value-add commercial real estate investment strategy, as well as the company’s growing focus beyond retail into the industrial and multifamily sector. The company has a goal of placing up to $150 mil in commercial acquisitions in 2016.
In one of the transactions, Heslin Holdings purchased a 50k sf, former grocery store in the greater Portland metro market from a national REIT with an estimated total project cost of over $12 mil. Located at 16200 SW Pacific Hwy in Tigard, the property was recently vacated by Haggen Grocery Store and offers exceptional upside potential via the rehabilitation and lease-up of the property to either one or two national tenants.
Heslin also purchased a 34k sf industrial property on a 2.7-acre urban infill site in Fontana. The multi-tenant property, located at 14987 Ceres Ave, was acquired for $2.2 mil in a joint venture with a west coast family entity. The property is home to many smaller manufacturing tenants servicing regional businesses and offers upside potential through below market in-place rents as well as excess land available for additional, future development.
A third transaction was the redevelopment of Plaza 66, a 110k sf shopping center acquired via a joint venture with the Waken family. This redevelopment will be Heslin’s third project in the Albuquerque, New Mexico market and is strategically located five miles east of downtown Albuquerque at the northeast corner of Central Ave and Juan Tabo Blvd.
In another transaction, an affiliate of Heslin Holdings completed the $50.8 mil acquisition of The Artisan Townhomes and Apartments in Denver. Located within the southeast submarket of Denver, the property will undergo a robust $2.5 mil property renovation and repositioning effort.
“Each of these acquisitions showcases our desire to invest in markets where the population growth is dynamic, employment is strong and sustainable and the surrounding market provides strong fundamentals,” said Casey McKeon, Vice President of Acquisitions for Heslin Holdings. “We have expanded our high-net worth and family office investor pool and are aggressively seeking new investment opportunities in the retail, industrial, multifamily and hospitality sectors.”
Heslin also secured a new 50k sf, ten-year lease with Burlington Coat Factory at its West Central Plaza shopping center located at 4208 Central Avenue SW, in Albuquerque. The national retailer opened for business at the site in March in a recently rehabbed main anchor space formerly occupied by Kmart. The 40k sf remainder of the main anchor space was leased to Conn’s Home Plus, which opened for business February 15th. Heslin Holdings purchased West Central Plaza in April 2015.
“The completion of the renovation of this focal point of the center marks the first step in the complete redevelopment of West Central Plaza,” added McKeon. “We are looking to meet unmet demand for quality retail here and will likely upgrade and expand the smaller buildings that are part of this center. Strong employment, housing growth and retail demand support our plans for the property.”
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